Regulatory Alerts2025-01-01
Circular No. 2 of 2025 – IBC New Striking-Off Process
The Financial Services Authority has implemented a new automatic striking-off process for International Business Companies that fail to pay their annual fees within 180 days of the due date. Effective April 1, 2025, the Registrar will now dissolve these companies on the 181st day following their anniversary date rather than waiting until January 1, supported by monthly advance notices to licensed service providers. Existing companies are granted a transition period until March 31, 2025, to settle outstanding fees, while the effective dissolution date remains the actual striking-off date rather than the Official Gazette publication date.
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